In brief: Owens & Minor’s ‘pure play,’ Inogen’s turnaround, Cardinal’s momentum 

RICHMOND, Va. – Owens & Minor is in the final stages of selling its Products & Healthcare Services segment, says CEO Ed Pesicka. 

As part of its financial results for the second quarter of 2025, the company classified the segment as discontinued operations. 

“We are looking forward to concluding the sale of the business and working with a buyer who has the vision and greater flexibility to better support our customers and long-term growth,” Pesicka said. “I am excited about the opportunities ahead as we transition into a focused, pure-play Patient Direct business. Building on the momentum gained since we entered the Patient Direct space eight years ago, and supported by favorable demographic trends and meaningful scale, we are confident in our ability to lead as the market continues to evolve.” 

Owens & Minor reported the following for the second quarter of 2025: 

• Revenue of $681.9 million, about a 3% increase compared to the same period last year 
• Loss from continuing operations, net of tax, GAAP of ($83.8 million) 
• Adjusted net income from continuing operations, non-GAAP of $20.5 million 
• Adjusted EBITDA, non-GAAP of $96.6 million 

Related: Owens & Minor looks to move quickly on sale. 

Inogen: ‘We are executing a turnaround’ 

GOLETA, Calif. – Inogen reported revenue of $92.3 million for the second quarter of 2025, a 4% increase compared to the same period last year. This marks the company’s sixth consecutive quarter of mid-single-digit percentage growth.  

Other financial results from the quarter: 

• Reported GAAP net loss of $4.2 million and adjusted net loss of $0.7 million. 
• Delivered adjusted EBITDA of $2.1 million, the second consecutive quarter of positive adjusted EBITDA. 
• Generated $4.4 million in operating cash flow in the second quarter of 2025, strengthening quarter-end cash, cash equivalents, marketable securities and restricted cash to $123.7 million. 

Inogen also highlighted that it: 

• Introduced Voxi 5, a new stationary oxygen concentrator (SOC) designed to improve access to quality oxygen therapy for long-term care patients in the U.S., further expanding the portfolio. 
• Launched Inogen Patient Portal, designed to empower patients with seamless self-service to manage insurance details, order accessories and access to on-demand support tools. 

‘A compelling turnaround strategy’ 

“We are executing a compelling turnaround strategy, delivering six consecutive quarters of mid-single-digit revenue growth and two quarters of positive adjusted EBITDA,” said Kevin Smith, president and CEO. “Our 4% year-over-year revenue growth in the second quarter reflects the strength of our commercial execution and operational enhancements. Given our strong first-half performance, we are raising full-year revenue guidance. We remain confident in our long-term value creation strategy as we continue to drive innovation and position Inogen as a leader in comprehensive respiratory care.” 

Future outlook: 

• For the full year 2025, Inogen now expects reported revenue in the range of $354 million to $357 million, reflecting about 6% growth at the midpoint range, relative to the company’s 2024 revenue, and now expects to reach adjusted EBITDA breakeven. 
• For the third quarter of 2025, Inogen expects reported revenue in the range of $91 million to $93 million, reflecting approximately 4% year-over-year growth at the midpoint of the range, relative to the Company’s third quarter 2024 revenue. 

Cardinal closes fiscal year with ‘momentum’ 

DUBLIN, Ohio – Cardinal Health reported revenue of $1.6 billion in the fourth quarter for its Other segment, which includes at-Home Solutions, a 37% increase compared to the same period the previous year. It reported revenue of $5.4 billion for fiscal year 2025, a 19% increase. 

Profit for the Other segment, which also includes Nuclear and Precision Health Solutions and OptiFreight Logistics, increased 44% to $160 million in the quarter. It increased 22% to $423 million for the fiscal year. 

Overall, Cardinal Health reported revenue of $60.2 billion for the fourth quarter of 2025, relatively flat to the same period last year. It reported revenue of $22.6 billion for fiscal year 2025, a 2% decrease. 

Financial highlights: 

• Revenue increased 21% excluding the impact of a previously communicated contract expiration 
• Fourth quarter GAAP operating earnings were $428 million and GAAP diluted EPS was $1.00 
• Fourth quarter non-GAAP operating earnings increased 19% to $719 million and non-GAAP diluted EPS increased 13% to $2.08 
• Fiscal Year 2025 adjusted free cash flow was $2.5 billion 
• Fiscal year 2026 non-GAAP EPS guidance raised to $9.30 to $9.50, from $9.10 to $9.30 

Management commentary: 

“Fiscal 2025 was a transformative year for Cardinal Health, and we closed the year with momentum, delivering strong fourth quarter results," said Jason Hollar, CEO of Cardinal Health. "The broad-based operational strength, with all five of our operating segments growing profit double-digits, reflects the disciplined execution of our strategy and our investments for growth. We enter Fiscal 2026 with confidence, evidenced by our increased financial outlook, as we continue to evolve towards reaching our full potential." 

Gov’t reaches proposed settlement in UnitedHealth, Amedisys acquisition 

WASHINGTON – The U.S. Department of Justice’s Antitrust Division has filed a proposed settlement requiring United Health to divest of at least 164 home health and hospice facilities to resolve the challenge to its $3.3 billion acquisition of Amedisys. 

The facilities across 19 states account for about $528 million in annual revenue. 

“In no sector of our economy is competition more important to Americans’ well-being than health care,” said Assistant Attorney General Abigail Slater of the Justice Department’s Antitrust Division. “This settlement protects quality and price competition for hundreds of thousands of vulnerable patients and wage competition for thousands of nurses. I commend the Antitrust Division’s Staff for doggedly investigating and prosecuting this case on behalf of seniors, hospice patients, nurses, and their families.” 

The settlement also requires Amedisys to pay a $1.1 million civil penalty to the United States for falsely certifying that it had provided “true, correct and complete” responses under the Hart-Scott-Rodino Antitrust Improvements Acts of 1976. 

In addition, the settlement would: 

• Obligate UnitedHealth to divest eight additional locations if it fails to obtain regulatory approval for the divestiture of associated facilities without the additional locations; 
• Impose a monitor to supervise UnitedHealth’s divestiture of the assets and compliance with the consent decree; 
• Provide the divestiture buyers with the assets, personnel and relationships to compete against UnitedHealth in the overlap areas; 
• Incorporate robust protections to strengthen adherence to the decree and deter interference with the divestiture buyers’ ability to compete; and 
• Require Amedisys to train its corporate and field leadership on antitrust compliance for falsely certifying that the company had truthfully, correctly, and completely responded to the United States’ requests for documents. 

As required by the Tunney Act, the proposed settlement, along with a competitive impact statement, will be published in the Federal Register. Any interested person should submit written comments concerning the proposed settlement within 60 days following the publication to Jill Maguire, Acting Chief, Healthcare and Consumer Products Section, Antitrust Division, U.S. Department of Justice, 450 Fifth Street NW, Suite 4100, Washington, DC 20530.   

Platform collab addresses unique challenges of complex rehab technology 

LAS VEGAS – RxWeb (formerly Rehab Accelerate), a front-end documentation and ATP rehab platform, has joined forces with ATLAS RCM, a revenue cycle management platform. The collaboration brings together the two platforms to deliver future-forward solutions for CRT providers, the companies say. “This collaboration reflects our shared vision to empower the CRT industry through accessible, scalable technology,” said Steve Garand, CEO of ARTSCO, creator of RxWeb, Rehab Accelerate and Rehab Anywhere. “Together with ATLAS Technology, we’re committed to equipping complex rehab providers with the tools they need to drive operational efficiencies, faster eval-to-delivery times and patient satisfaction.” ATLAS RCM is designed to support the complex needs of ATPs and their referring clinicians – continuing through medical billing and collections. It's one platform, intuitively written for complex CRT workflows, claims management, electronic health records and RCM. Now, by integrating RxWeb’s strategic front-end ATP solutions and documentation features with ATLAS RCM, the companies say they are combining two market leaders in CRT software. “We’re excited to join forces with RxWeb, a company whose long commitment to innovation in CRT aligns perfectly with our mission,” said Bill Paul, founder of ATLAS Technology. “Their insight into the unique challenges faced by rehab suppliers makes them an ideal collaborator as we expand ATLAS RCM’s reach and impact.” 

Mobility City Holdings receives five-year contract 

BOCA RATON, Fla. – Mobility City Holdings has received a VA Federal Supply Schedule (FSS) Contract for May 1, 2025, through April 30, 2030. The contract further positions the company to serve Veterans Affairs (VA) medical centers and federal agencies across the U.S. with mobility products, including power wheelchairs and mobility scooters, and home medical equipment, including hospital beds, patient lifting devices, vehicle lifts and related services. "We're honored to support our nation's veterans through this GSA contract," said Vinny Baratta, co-founder and government point of contact at Mobility City Holdings, Inc. "This award strengthens our ability to deliver timely, reliable and cost-effective mobility solutions nationally.” The contract was achieved with the expert assistance of Jonathan Teague and the Government Marketplace LLC team, whose strategic guidance proved invaluable throughout the GSA application process, Mobility City Holdings says. Mobility City Holdings is the franchisor of more than 60 locations nationwide focusing on repair and service. They are a subcontractor-accredited, AMRG Master-Certified, OIG-cleared provider of mobility equipment repair, rentals, installation and showroom-based product training.   

Fraud roundup: $11 million forfeiture, $2 million charge 

The United States has filed civil forfeiture complaints in the Southern District of Florida against two purported durable medical equipment (DME) companies accused of fraudulently billing Medicare more than $33 million combined. According to allegations in the complaints, Vida Med Center LLC and Med-Union Medical Center, Inc., both enrolled Medicare providers, submitted false and fraudulent claims for DME that were medically unnecessary and not provided as represented. Vida Med submitted $14,110,820.00 in claims to Medicare and received $8,759,036.68 in reimbursements. Med-Union submitted $19,044,516.07 in Medicare claims and received $14,167,792.92 in payments. Notably, all of Med-Union’s paid Medicare claims were based on prescriptions issued by a single provider. The civil forfeiture actions seek to recover $967,760.37 and $10,014,325.40, respectively, in proceeds from the fraudulently obtained taxpayer dollars. 

A Geneva, Ill., man has been charged and has agreed to plead guilty in connection with an alleged fraud scheme to defraud Medicare of more than $2 million by submitting claims for durable medical equipment (DME) that were medically unnecessary, not wanted by the Medicare beneficiaries and tainted by kickbacks, according to the U.S. Attorney’s Office, District of Massachusetts. Kartik Bhatia, 36, was charged with one count of conspiracy to commit health care fraud and one count of making false statements. A plea hearing has not yet been scheduled by the court. According to the charging documents, Bhatia allegedly worked with Raju Sharma, and other co-conspirators to own and operate a DME company that paid telemarketing companies for DME orders for orthotics such as ankle, wrist, knee and back braces. Often, the Medicare beneficiaries did not need or want the braces the defendants shipped them and, as further alleged in the information, the doctors whose signatures appeared on these DME orders often did not treat these beneficiaries and did not prescribe the DME. After the Centers for Medicare and Medicaid Services (CMS) issued a payment suspension to Bhatia’s DME company, Bhatia simply opened a new DME company that engaged in the same conduct. Bhatia has agreed to plead guilty to health care fraud conspiracy for his alleged role in the scheme, as well as false statements in connection with a materially false, fictitious and fraudulent statement and representation that he made to law enforcement during the investigation. The charge of conspiracy to commit health care fraud provides for a sentence of up to 10 years in prison, up to three years of supervised release and a fine of up to $250,000 or twice the gross gain or loss, whichever is greater. The charge of false statements provides for a sentence of up to five years in prison, up to three years of supervised release and a fine of up to $10,000.  

Mobius Mobility secures additional coding for power positioning on iBOT PMD  

MANCHESTER, N.H. - Mobius Mobility has received Medicare coding approval for power positioning on the iBOT power mobility device. The company received clearance from the U.S. Food and Drug Administration for the feature earlier this year. Mobius Mobility can now submit for reimbursement using the following codes, the same as other complex rehab power wheelchairs: 

• K0848, K0856, K0861: Group 3 no power, single power and multiple power  
• K0868, K0877, K0884: Group 4 no power, single power and multiple power   

The power positioning features on the iBOT PMD provide 50 degree tilt, 170-degree recline and power elevating leg rests (in any combination). It also supports 10-inch power elevated seat height and 16-degree anterior tilt for transfers and reach. Mobius Mobility says all the same iBOT PMD modes can be ordered, including balance mode (with its 17 inches of seat elevation), stair climbing and four-wheel drive.